PepsiCo earnings beat expectations as price hikes boost snack and beverage sales
Shares of the company rose more than 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
Earnings per share: $1.67 adjusted vs. $1.65 expectedRevenue: $28 billion vs. $26.84 billion expected
The food and beverage giant reported fourth-quarter net income of $518 million, or 37 cents per share, down from $1.32 billion, or 95 cents per share, a year earlier.
Excluding items, Pepsi earned $1.67 per share.
Net sales rose 10.9% to $28 billion.
Looking to 2023, Pepsi is projecting a 6% increase in organic revenue and 8% growth in its core constant currency earnings per share. Wall Street is anticipating net sales growth of 3.5% and earnings per share growth of 7.3%.
Read the full PepsiCo earnings report here.